Warkentin hoping for "carve-out" on steel tariffs

"The market is now trying to decide whether Trump is actually going to go through with it: BlackRock’s Scott Thiel

Canada and Mexico are exempt from the tariffs, but only conditionally and for now.

"The American aluminum and steel industry has been ravaged by aggressive foreign trade practices".

Leaders from Mexico, Canada, Japan and other nations officially signed TPP on Thursday at a ceremony in Santiago, Chile.

The U.S. president suggested in the meeting with his Cabinet that Australia and "other countries" might also be spared, a shift that could soften the worldwide blow amid threats of retaliation by trading partners.

More than 100 House GOP lawmakers sent a letter to the president Wednesday urging him to "reconsider the idea of broad tariffs to avoid unintended negative consequences to the USA economy and its workers". He said USA officials "have a right" to drop or add countries to the list of exceptions.

Monday it was tough guy Trump talking.

Canada and Mexico have objected to tying the tariff issue to NAFTA, as it essentially stacks the deck in America's favor.

Turnbull said that while he is looking forward to progress on the talks between Trump and Kim, "sanctions must remain in full force, rigorously enforced until such time the regime starts to denuclearize".

Despite Trudeau's suggestion prior to Trump's announcement that Canada would be exempt "because of the work we've been doing over the past week", it was lobbying by American states - particularly border ones - and Ontario, to Kathleen Wynne's credit, that undoubtedly did the most to bend Trump's ear. "We either make a deal or we terminate [NAFTA]".

"This move will harm the global steel industry, and seriously hurt consumers' interests", said the statement.

Sen. Jeff Flake of Arizona says, "Congress can not be complicit as the administration courts economic disaster". Trump said his top trade negotiator, Robert Lighthizer, will be in charge of working out deals with other countries on possible exemptions.

Trump cited the close relationship between the three countries, including national security ties, as justification for the decision.

Cohn, who vocally opposed the president's plan to institute broad tariffs, announced Tuesday that he will resign from his White House post.

But Trump also seemed to leave the door open for certain forms of compromise, saying the United States would remain "flexible" toward its trading allies.

South Korea's trade minister, speaking at an emergency meeting, appealed to other governments to prevent a "trade war".

"China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States", he tweeted.

China's Vice Foreign Minister says his country will "not sit idly by", but does not want a trade war.

China's exports surged and its trade surplus unexpectedly widened in February, illustrating the lopsided nature of global commerce that Donald Trump is preparing to introduce protectionist measures against.

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